Crested Butte Real Estate Market Report – Year to Date through November 30, 2013
Strong Indicators for Crested Butte Real Estate Market Winter snowfall is plentiful compared with recent years, and as the snow piles up – so do the real estate numbers. The total number of transactions and total dollar volume of properties Sold are up significantly compared with 2012, and double the numbers from 2009. One of the greatest jumps comes from the Luxury Market Segment with a significant increase in the number of homes sold over $1M compared to previous years (27) – and at $46.3M, this represents 34% of the overall total volume. Total Number of Properties Sold is up 27%; Total Volume is up 30%. We are also still seeing Price per square foot for Single Family homes is up compared to 2012, but slightly below 2010 and 2011. Condos and Town homes price per sq. ft. is up slightly from 2012. Average Days on Market for all properties sold is 311 days, and 378 days for luxury single-family homes (Sold Price > $1M), but for all Current Listings Average Days on Market is 488 Days. Most properties are being priced closer to the Market and the difference from Asking to Selling Price for all properties is narrowing at 7.5%. Inventories have been dropping and now total properties for sale is648, with Single Family Homes at 166, Condos & Townhomes at 201, land/lots at 281. There have been 47 new properties added to the MLS in the past 30 days, and there are many options and great values in every category of the Crested Butte Real Estate market. Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Year to Date 4 Single Family homes Sold for $1M+ in October (I represented Seller of one of these ski-in/out home at 73 Anthracite Drive in Mt. Crested Butte which sold for $1.85M), there was another home sold in Overlook, one in downtown Crested Butte, and one in Buckhorn Ranch. There have been 27 Single Family homes Sold for $1M+ year to date – this segment of the market is similar to 2011, but more than doubled from this same period in 2012. The average sold price for these luxury homes was $1.86M; median price of $1.55M, and Average Price per sq. ft. was $425. If you download the full Crested Butte Real Estate Report and look at the details page – you will see the average discount from Asking to Selling price was 8.2%. The Single Family Home Luxury Segment volume of $46.3M makes up 34% of the overall market volume YTD. Luxury Properties Under Contract in the Crested Butte Area – There are currently 2 properties with asking prices over $1M under Contract – 1 is a brand new Single Family home in downtown Crested Butte, and one is a Pristine Point parcel in in the Meridian Lake area. Luxury Properties For Sale in the Crested Butte Area There are a total of 68 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $145M. Of these there are 85 Homes for sale between $1M and $2M. There are 19 homes between $2M and $3M, and a spectacular home for sale at 152 Evergreen Drive in Trappers Crossing at Crested Butte – offered at $3.9M. Riverfront Lots at Wilder on the Taylor – there has been quite a bit of interest and activity this Summer and Fall in this premier ranch community – stay tuned for some upcoming announcements. With over 2,100 acres and approximately of Taylor River running through the ranch (plus an additional of meandering streams and 6 pond) with rising trophy brown, rainbow, cutthroat and brook trout. Wilder on the Taylor offers a rare and unique opportunity to own a piece of paradise for generations of memories. Positive Trends Continues as Prices for Single Family Homes & Condos Strong Single Family (SF) homes – Comparing YTD 2013 results to YTD 2012 and prior years (and given the large mix of luxury homes sold) we see that the Median Price for Single Family homes has risen to $530,000 and the average price per sq. ft. for Single Family homes has risen from $269 per sq. ft. to $295. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows $433, Mt. Crested Butte $329 as average per sq. ft. Condos and Townhomes – We continue to see price per sq. ft. for Condos & Townhomes over the $200 mark – YTD at $214. Median price for a condo is $179,000 compared with $180,000 for the same period in 2012. Contact me with questions about your property, a category or area of the Crested Butte Real Estate Market for more detail. What Real Estate is Selling in the Crested Butte area? Year to date Single Family homes made up 65% of the total volume representing nearly $90M and 115 transactions. There were 136 Condos & Townhome transactions YTD and this represents $35M in volume. As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents a large percentage of the dollar volume in our market (34%). Under Contract There are 27 properties Under Contract representing a total volume of $10.5M. Of the 27 properties Under Contract 9 are Condos/Townhomes, 10 are Single Family homes and 8 are lots. Active Listings Trending down – there are currently 648 properties for sale (50 less than last month) representing $451M. A possible sale of the Ski Area – what would this mean? I have always been supportive of CBMR and the Mueller family – I believe they are good people, hard working and smart operators of the ski area. Certainly timing has had an impact, and there have been things they would have done better or differently – hindsight is 20/20 (Snodgrass ski-area expansion, Gothic Building, Prospect Lot pricing…). If as rumored Intrawest with Cypress Equities is the prospective Buyer, and they buy, then they have the opportunity and scale to tackle some big things sooner:
- Needed Ski Area Intermediate Terrain Expansion – Move quicker on the current Master Plan (vs. waiting “chicken/egg debate”) Teo Park, Teo drainage. Snodgrass – 3rd time is a charm. Deep pockets to hire the right people in Washington DC to get these lift served expansions approved.
- Bundling Crested Bute with their other Ski Mountain pass products will bring new skiers and visitors to CB, and give CB Pass holders added value in Winter and Summer.
- There are numerous Development opportunities – The Cimarron Building (where the Gothic Building was), The Base Area Master Plan, The North Village at the base of Snodgrass, the parcel at the Base of the Gold Link Lift, the parcel East of Painter Boy…
- Additional on-mountain improvements – Quality Restaurant/Sun Deck at the top of Gold Link, Prospect, Painter Boy lifts. Over time, replace Teo & Twister lifts.
- Buzz – The mere Announcement of any of the above items will garner media coverage, and fuel curiosity, interest and demand. Numbers of visitors will rise.
- Increase Demand in Air Seats – see Bundling and Buzz above.
- A Rise in Real Estate – see my previous Blog Post Possible Sale of the Crested Butte Ski Area
I hope you will join me and make a pledge to the Mt. Crested Butte Performing Arts Center capital campaign. There is still a 3:1 matching campaign in place – every dollar makes a difference. This will be a fantastic facility, an economic driver in our community, and will have direct impact on property values. Go to: http://mcbpac.org to donate today and help reach the goal so that final design and construction can begin! This is a great cause, which will create lasting benefits to our community for years to come. Click To download the Full Crested Butte Real Estate Market Report as a .pdf file to see all the tables and charts How can I help you? This Crested Butte Real Estate Market report and the level of detail is representative of what you can expect from me as your Crested Butte Real Estate Agent. If you are interested in finding out what your existing property is worth – call me. If you are considering me to represent you as a Buyer, I appreciate the opportunity to earn your business (or that of a friend you think I could help). To see featured properties or search the MLS – visit chriskopf.com. Contact me at: (970) 209-5405, firstname.lastname@example.org, and be sure to check out the Crested Butte Real Estate G+ page for all things Crested Butte. Thanks, Chris. Author: Chris Kopf